Perhaps it's time to think about what current housing statistics mean to future home buyers. What it means for our children. Like many in my generation, I have enjoyed the warm glow of the rising market, with little regard for the darker, colder market we are creating for the next generation. I've cheered the price increases on my street, and celebrated the theoretical boost to my bottom line.
Something happened in Toronto's housing market over the past year that really shouldn't happen in a free market. As home prices shot through the roof, the number of homes being built in the city dropped dramatically. Vancouver seems to be experiencing a similar problem. So what's going on here? Why is the supply of housing not keeping up with demand, even though there is so much money to be made? The answer, according to a growing number of experts, is that local policies and public opposition to development are killing off home construction, causing home prices to skyrocket.